Nifty snapped Tuesday’s gains on Wednesday amid weak global cues and sectoral pressure -Religare Broking Ltd
NIFTY
* Nifty witnessed a corrective session on Wednesday, snapping Tuesday’s gains amid weak global cues and sector-specific pressure.
* The Nifty opened gap-down and drifted lower, followed by a range-bound phase for most of the session.
* Going ahead, the Nifty is likely to witness a phase of consolidation; however, the underlying bias remains positive, with support intact in the 24,000–24,200 zone.
* Participants should closely track sectors and themes showing rotational strength—such as metals, energy, railways, and defence—and consider accumulating quality stocks on dips.
BANKNIFTY
* The banking index concluded Wednesday’s session with mild profit booking following gains across the previous three consecutive sessions.
* Despite opening with a slight negative bias, price action remained range-bound within the prior session’s trading band.
* Momentum indicators reflected mixed sentiment, with IndusInd Bank and Union Bank leading advances, while HDFC Bank and ICICI Bank exhibited relative weakness.
* Immediate resistance is positioned near 58,500, with key support established around 55,900.
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